{"id":7723,"date":"2021-03-02T21:19:49","date_gmt":"2021-03-02T21:19:49","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2021\/03\/02\/canadas-economy-endured-an-historic-collapse-in-2020-but-surged-into-2021-faster-than-most-expected\/"},"modified":"2021-03-02T21:19:49","modified_gmt":"2021-03-02T21:19:49","slug":"canadas-economy-endured-an-historic-collapse-in-2020-but-surged-into-2021-faster-than-most-expected","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2021\/03\/02\/canadas-economy-endured-an-historic-collapse-in-2020-but-surged-into-2021-faster-than-most-expected\/","title":{"rendered":"Canada&#8217;s economy endured an historic collapse in 2020, but surged into 2021 faster than most expected"},"content":{"rendered":"<p> \n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\">\n<h2 class=\"visually-hidden\">Breadcrumb Trail Links<\/h2>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\"> News <\/li>\n<li class=\"breadcrumbs__item\"> Economy <\/li>\n<\/ol>\n<\/nav>\n<p class=\"article-subtitle\"> Kevin Carmichael: A housing boom has lessened economic pain of the recession, but at expense of deepening vulnerabilities that existed before pandemic <\/p>\n<div class=\"article-meta\">\n<div class=\"published-by\">\n<p>Author of the article:<\/p>\n<p> <span class=\"published-by__author\">Kevin Carmichael<\/span> <\/div><\/div>\n<figure class=\"featured-image\"><picture class=\"featured-image__ratio featured-image-category__economy\"><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0302homes.jpg?quality=90&amp;strip=all&amp;w=564&amp;type=webp,&#10;            https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0302homes.jpg?quality=90&amp;strip=all&amp;w=1128&amp;type=webp 2x\" type=\"image\/webp\"\/><source media=\"(min-width: 1200px)\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0302homes.jpg?quality=90&amp;strip=all&amp;w=564&amp;type=jpg,&#10;            https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0302homes.jpg?quality=90&amp;strip=all&amp;w=1128&amp;type=jpg 2x\" type=\"image\/jpeg\"\/><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0302homes.jpg?quality=90&amp;strip=all&amp;w=472&amp;type=webp,&#10;            https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0302homes.jpg?quality=90&amp;strip=all&amp;w=944&amp;type=webp 2x\" type=\"image\/webp\"\/><source media=\"(min-width: 768px)\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0302homes.jpg?quality=90&amp;strip=all&amp;w=472&amp;type=jpg,&#10;            https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0302homes.jpg?quality=90&amp;strip=all&amp;w=944&amp;type=jpg 2x\" type=\"image\/jpeg\"\/><source media=\"(max-width: 767px)\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0302homes.jpg?quality=90&amp;strip=all&amp;w=288&amp;type=webp,&#10;            https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0302homes.jpg?quality=90&amp;strip=all&amp;w=576&amp;type=webp 2x\" type=\"image\/webp\"\/><\/picture><figcaption class=\"featured-image__caption image-caption\"><span class=\"caption\">Investment in real estate increased 3.9 per cent in 2020.<\/span> <span class=\"credit\">Photo by SeongJoon Cho\/Bloomberg files<\/span> <\/figcaption><\/figure>\n<\/header>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Canada\u2019s economy surged into 2021 with more momentum than most expected, as companies restocked in anticipation of future demand and those Canadians left relatively unscathed by the COVID-19 crisis continued to plow money into real estate.<\/p>\n<p data-async=\"\">Statistics Canada on March 2 reported that gross domestic product (GDP) grew at an annual rate of 9.6 per cent in the fourth quarter, about twice as fast as the Bank of Canada predicted in its latest economic outlook in January.<\/p>\n<p>The miss probably won\u2019t significantly alter the central bank\u2019s plans, at least not until a critical mass of the population is vaccinated and it becomes clear that COVID-19 variants don\u2019t pose a significant danger. The rebuilding of stockpiles accounted for about 75 per cent of the growth in the fourth quarter, and economists tend to distrust inventories as a predictor of underlying demand. Household spending dropped at an annual rate of 0.4 per cent, reflecting stricter pandemic controls and elevated unemployment levels.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-1\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">Weak employment swamps all other concerns in Ottawa right now. Bank of Canada governor Tiff Macklem last week reiterated that he intends to keep interest rates extremely low for at least a couple of years, telling the Calgary Herald\u2019s Chris Varcoe that \u201cwe are losing productive workers, we are losing productive capacity in our economy.\u201d<\/p>\n<figure class=\"embedded-image\"><picture class=\"embedded-image__ratio\"><source data-srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/FP0303-business-investment-and-trasfers-1.png?quality=90&amp;strip=all&amp;w=564&amp;type=webp,&#10;            https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/FP0303-business-investment-and-trasfers-1.png?quality=90&amp;strip=all&amp;w=1128&amp;type=webp 2x\" media=\"(min-width: 1200px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/webp\"\/><source data-srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/FP0303-business-investment-and-trasfers-1.png?quality=90&amp;strip=all&amp;w=564&amp;type=jpg,&#10;            https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/FP0303-business-investment-and-trasfers-1.png?quality=90&amp;strip=all&amp;w=1128&amp;type=jpg 2x\" media=\"(min-width: 1200px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/jpeg\"\/><source data-srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/FP0303-business-investment-and-trasfers-1.png?quality=90&amp;strip=all&amp;w=472&amp;type=webp,&#10;            https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/FP0303-business-investment-and-trasfers-1.png?quality=90&amp;strip=all&amp;w=944&amp;type=webp 2x\" media=\"(min-width: 768px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/webp\"\/><source data-srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/FP0303-business-investment-and-trasfers-1.png?quality=90&amp;strip=all&amp;w=472&amp;type=jpg,&#10;            https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/FP0303-business-investment-and-trasfers-1.png?quality=90&amp;strip=all&amp;w=944&amp;type=jpg 2x\" media=\"(min-width: 768px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/jpeg\"\/><source data-srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/FP0303-business-investment-and-trasfers-1.png?quality=90&amp;strip=all&amp;w=288&amp;type=webp,&#10;            https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/FP0303-business-investment-and-trasfers-1.png?quality=90&amp;strip=all&amp;w=576&amp;type=webp 2x\" media=\"(max-width: 767px)\" srcset=\"https:\/\/financialpost.com\/data:,https:\/\/financialpost.com\/1w\" type=\"image\/webp\"\/><img decoding=\"async\" alt=\"\" class=\"embedded-image__image lazyload\" src=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/FP0303-business-investment-and-trasfers-1.png?quality=90&amp;strip=all&amp;w=288\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/FP0303-business-investment-and-trasfers-1.png?quality=90&amp;strip=all&amp;w=288,&#10;                https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/FP0303-business-investment-and-trasfers-1.png?quality=90&amp;strip=all&amp;w=576 2x\" height=\"1442\" loading=\"lazy\" width=\"1001\"\/><\/picture><\/figure>\n<p>Statistics Canada\u2019s preliminary accounting of economic output in 2020 makes Macklem\u2019s case. The hole left by the COVID-19 crisis is immense: GDP contracted by 5.4 per cent in 2020, the biggest collapse since 1961, when the agency began tallying quarterly economic output. By comparison, GDP dropped 2.9 per cent in 2009 in the wake of the Great Recession, and decreased 3.2 per cent in 1982, when many of the world\u2019s richest countries were grappling with high interest, inflation and unemployment rates.<\/p>\n<p>The 2020 recession was unusual because service providers took the biggest hit. Many of those companies remain the most vulnerable to the virus and the approaches governments take to managing the pandemic. Output by the food, beverage and accommodation industry dropped 11 per cent in the four quarter from the third quarter, Statistics Canada said.<\/p>\n<p data-async=\"\">\u201cWe have started laying off people now permanently,\u201d Charles Khabouth, chief executive of Ink Entertainment, a Toronto-based owner of bars and restaurants, told the Financial Post\u2019s Larysa Harapyn on Feb. 25. \u201cWe will probably be 25 (per cent) to a third less employees than before the pandemic.\u201d<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<div class=\"embedded-video\">\n<div fallback=\"\">\n<div class=\"video-fallback\">\n<p>We apologize, but this video has failed to load.<\/p>\n<\/p><\/div><\/div>\n<p> <iframe loading=\"lazy\" title=\"The shutdown is destroying Toronto: INK CEO on hospitality\u2019s grim prospects\" width=\"1080\" height=\"608\" src=\"https:\/\/www.youtube.com\/embed\/vLKeJjXE5fY?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe> <\/iframe> <\/div>\n<p data-async=\"\">Still, for many investors, the economic destruction of 2020 is last year\u2019s story. Financial markets have grown edgy about inflation, and evidence of faster-than-expected growth could exacerbate such worries. Statistics Canada in a separate report on March 2 said GDP likely increased 0.5 per cent in January from the previous month, suggesting the first-quarter contraction that the Bank of Canada and others anticipated will be avoided.<\/p>\n<p>Housing is the controversial star of the recovery story, albeit with substantial support from the federal government and central bank.<\/p>\n<p>Investment in real estate increased 3.9 per cent in 2020, defying early warnings from Canada Mortgage and Housing Corp. (CMHC) that the recession could crush our insatiable demand for houses. Instead, spending patterns shifted, as professionals bet on a future in which they would be working from home, rather than making daily commutes to the office.<\/p>\n<p>Buyers sought bigger properties in suburbs and smaller cities, spreading the mania that has long gripped Vancouver and Toronto to places such as Ottawa and Moncton, N.B. They were able to do so because they were either among the lucky ones who kept working, or because they benefited from generous emergency assistance.<\/p>\n<p>Disposable income increased 10 per cent from 2019 because the federal government opted for emergency benefits that erred on the side of too much, rather than too little. The savings rate surged to 15.1 per cent in 2020, as households hoarded salaries and benefit payments equivalent to the previous seven years combined, Statistics Canada said.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">The combination left many households primed to take advantage of near-zero interest rates, which the Bank of Canada would have anticipated, although perhaps not to the extent that ultimately transpired. Macklem last week said he was seeing early signs of \u201cexcess exuberance\u201d in the housing market.<\/p>\n<p>In the short term, the housing boom has lessened the economic pain of the recession, but at the expense of deepening vulnerabilities that existed before the pandemic.<\/p>\n<section aria-labelledby=\"moreTopicLabel7402483617157222075602535614919737\" class=\"more-topic\" data-carousel-icon-button=\"\" data-carousel-type=\"list\"><button aria-hidden=\"true\" class=\"more-topic__button-prev\" data-carousel-prev=\"\" tabindex=\"-1\" title=\"previous\" type=\"button\"\/><\/p>\n<ol class=\"more-topic__items list-unstyled\" data-carousel-slide-list=\"\" tabindex=\"0\">\n<li class=\"more-topic__item\" data-carousel-item=\"\"><picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"The pandemic is putting a strain on many Canadians' mental health.\" class=\"lazyload\" src=\"https:\/\/smartcdn.prod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2020\/11\/GettyImages-1279131667.jpg?h=96&amp;strip=all&amp;quality=80\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2020\/11\/GettyImages-1279131667.jpg?h=96&amp;strip=all&amp;quality=80,&#10;                                    https:\/\/smartcdn.prod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2020\/11\/GettyImages-1279131667.jpg?h=192&amp;strip=all&amp;quality=80 2x,&#10;                                    https:\/\/smartcdn.prod.postmedia.digital\/nationalpost\/wp-content\/uploads\/2020\/11\/GettyImages-1279131667.jpg?h=288&amp;strip=all&amp;quality=80 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"><span class=\"more-topic__item-text-clamp\"> The hidden threat to Canada\u2019s economic recovery \u2014 our mental health <\/span><\/h3>\n<\/li>\n<li class=\"more-topic__item\" data-carousel-item=\"\"><picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"Evan Siddall, president and chief executive officer of Canada Mortgage and Housing Corp.\" class=\"lazyload\" src=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0301siddall.jpg?h=96&amp;strip=all&amp;quality=80\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0301siddall.jpg?h=96&amp;strip=all&amp;quality=80,&#10;                                    https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0301siddall.jpg?h=192&amp;strip=all&amp;quality=80 2x,&#10;                                    https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/03\/vw0301siddall.jpg?h=288&amp;strip=all&amp;quality=80 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"><span class=\"more-topic__item-text-clamp\"> &#8216;Never pretended to have a crystal ball&#8217;: Housing market boom prompts mea culpa from CMHC head <\/span><\/h3>\n<\/li>\n<li class=\"more-topic__item\" data-carousel-item=\"\"><picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"Bank of Canada Governor Tiff Macklem said the economy will need support for quite some time.\" class=\"lazyload\" src=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/02\/tiff-macklem0223.jpg?h=96&amp;strip=all&amp;quality=80\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/02\/tiff-macklem0223.jpg?h=96&amp;strip=all&amp;quality=80,&#10;                                    https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/02\/tiff-macklem0223.jpg?h=192&amp;strip=all&amp;quality=80 2x,&#10;                                    https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/02\/tiff-macklem0223.jpg?h=288&amp;strip=all&amp;quality=80 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"><span class=\"more-topic__item-text-clamp\"> Bank of Canada governor indicates readiness to let economy run hot to include more people in recovery <\/span><\/h3>\n<\/li>\n<li class=\"more-topic__item\" data-carousel-item=\"\"><picture class=\"more-topic__item-image\"><img decoding=\"async\" alt=\"Finance Minister Chrystia Freeland.\" class=\"lazyload\" src=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/02\/vw0218freeland.jpg?h=96&amp;strip=all&amp;quality=80\" height=\"96\" loading=\"lazy\" srcset=\"https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/02\/vw0218freeland.jpg?h=96&amp;strip=all&amp;quality=80,&#10;                                    https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/02\/vw0218freeland.jpg?h=192&amp;strip=all&amp;quality=80 2x,&#10;                                    https:\/\/smartcdn.prod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/02\/vw0218freeland.jpg?h=288&amp;strip=all&amp;quality=80 3x\" width=\"96\"\/><\/picture>\n<h3 class=\"more-topic__item-text\"><span class=\"more-topic__item-text-clamp\"> Business leaders are worried politicians aren\u2019t paying enough attention to the long haul <\/span><\/h3>\n<\/li>\n<\/ol>\n<p><button aria-hidden=\"true\" class=\"more-topic__button-next\" data-carousel-next=\"\" tabindex=\"-1\" title=\"next\" type=\"button\"\/><\/section>\n<p data-async=\"\">\u201cWe never pretended to have a crystal ball,\u201d Evan Siddall, the head of CMHC, <a data-evt=\"click\" data-evt-typ=\"User Interaction Click\" data-evt-val=\"{\" control_fields=\"\" source=\"\" type=\"\" name=\"\" layout=\"\" element=\"\" feed=\"\" list=\"\" id=\"\" target=\"\" url=\"\" title=\"\" story=\"\" position=\"\" vertical=\"\" pixels=\"\" link=\"\" null=\"\" href=\"https:\/\/twitter.com\/ewsiddall\/status\/1366363318185771009\" rel=\"noopener noreferrer nofollow\">tweeted<\/a> on March 1. \u201cWe remain very concerned about even a partial reversal\u201d of the factors driving demand, he <a data-evt=\"click\" data-evt-typ=\"User Interaction Click\" data-evt-val=\"{\" control_fields=\"\" source=\"\" type=\"\" name=\"\" layout=\"\" element=\"\" feed=\"\" list=\"\" id=\"\" target=\"\" url=\"\" title=\"\" story=\"\" position=\"\" vertical=\"\" pixels=\"\" link=\"\" in=\"\" a=\"\" separate=\"\" tweet=\"\" null=\"\" href=\"https:\/\/twitter.com\/ewsiddall\/status\/1366363317128822786\" rel=\"noopener noreferrer nofollow\">said in a separate tweet<\/a>, adding a list of negative side effects that include increased debt, the diversion of capital to an unproductive investment, and increasing inequality between owners and renters.<\/p>\n<p>An unambiguously positive surprise has been the rebound in exports. Canadian governments were unwilling to impose the same strict lockdown measures that allowed Asian economies to crush the virus, nor were they willing to tolerate the death toll that came with the laxer approach to social distancing in the United States. But exporters are benefiting from resurgent demand from both of those places, especially Asia, which is driving commodity prices higher.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section class=\"ad\">\n<h2 class=\"visually-hidden\">Advertisement<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div>\n<\/section>\n<\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">Cargo through the Port of Vancouver increased one per cent last year, despite an epic recession, led by record shipments of grain and potash. \u201cWe\u2019ve been very fortunate,\u201d Robin Silvester, chief executive of the Vancouver Fraser Port Authority, said in an interview on March 1. \u201cWe\u2019re seeing a really strong start to the year, continuing the trend that we saw toward the end of 2020.\u201d<\/p>\n<p>That\u2019s good, because Canada\u2019s economy will need ballast for a while yet. \u201cNobody is going to book anything now until 2022,\u201d Khabouth said. \u201cIn my opinion, 2021, on a large scale, is a writeoff for primarily all of Canada.\u201d<\/p>\n<p><em>Financial Post<\/em><\/p>\n<p data-async=\"\"><em>\u2022 Email: kcarmichael@postmedia.com | Twitter: <a class=\"twitter-follow-button\" data-evt=\"click\" data-evt-typ=\"User Interaction Click\" data-evt-val=\"{\" control_fields=\"\" source=\"\" type=\"\" name=\"\" layout=\"\" element=\"\" feed=\"\" list=\"\" id=\"\" target=\"\" url=\"\" title=\"\" story=\"\" position=\"\" vertical=\"\" pixels=\"\" link=\"\" null=\"\" href=\"https:\/\/twitter.com\/carmichaelkevin\" rel=\"noopener nofollow\">CarmichaelKevin<\/a><\/em><\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt=\"beforeunload\" data-evt-typ=\"scroll-depth\" data-evt-val=\"{\" control_fields=\"\" of=\"\" page=\"\" viewed=\"\" story=\"\">\n<h2 class=\"visually-hidden\">Share this article in your social network<\/h2>\n<\/section>\n<div class=\"widget article-content__widget-group article-content__widget-group--slot1\">\n<section aria-labelledby=\"TheLogic579670112901362655003641312872607\" class=\"feed-section feed-section--partner-story list-widget--partner-story the-logic\" data-async=\"\">\n<div class=\"widget-title widget-title--partner-story flex-align-center row row--no-padding--left row--no-padding--right\">\n<p> In-depth reporting on the innovation economy from The Logic, brought to you in partnership with the Financial Post. <\/p>\n<\/p><\/div>\n<\/section>\n<\/div>\n<div class=\"widget article-content__widget-group article-content__widget-group--slot2\">\n<section aria-labelledby=\"TopStoriesNewsletter7554913582254838088622703836048824\" class=\"newsletter-widget\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-target-list=\"FP_HeadlineNews\" data-widget=\"newsletter\">\n<div class=\"newsletter-widget__body\">\n<h2 id=\"TopStoriesNewsletter7554913582254838088622703836048824\">Top Stories Newsletter<\/h2>\n<p class=\"newsletter-widget__text\">Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.<\/p>\n<div aria-hidden=\"false\" class=\"newsletter-widget__bottom js-form-main\">  <small> By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. 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Please try again <\/p>\n<\/p><\/div>\n<\/section>\n<\/div>\n<footer aria-label=\"Article Comments\" class=\"article-footer\">\n<section class=\"comments__section\" id=\"comments\">\n<h3 class=\"widget-title comments-anchor\" id=\"comments-area\">Comments<\/h3>\n<p class=\"comments__section-disclaimer\"> Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications\u2014you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings. <\/p>\n<\/section>\n<\/footer>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>\n<br \/>Canada&#8217;s economy endured an historic collapse in 2020, but surged into 2021 faster than most expected<\/a><br \/>\n<br \/>2021-03-02 21:19:49<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Breadcrumb Trail Links News Economy Kevin Carmichael: A housing boom has lessened economic pain of the recession, but at expense of deepening vulnerabilities that existed before pandemic Author of the&#8230;<\/p>\n","protected":false},"author":2,"featured_media":7724,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":{"0":"post-7723","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy"},"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/7723","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=7723"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/7723\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/7724"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=7723"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=7723"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=7723"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}